The United States and the United Kingdom have established a joint transatlantic working group aimed at strengthening cooperation in capital markets and digital assets.
The working group, announced on September 22 by the British chancellor of the chessboard Rachel Reeves and the US Treasury Secretary Scott Bessent, will bring together HM Treasury, the US Treasury and market regulators in the two jurisdictions.
Two of the working group’s objectives are to develop approaches to the surveillance of digital assets and to explore new opportunities in the digital markets.
The group will report within 180 days through the existing British and British financial working group, offering recommendations shaped in close consultation with the private industry, the press release said.
“London and New York remain the twin pillars of global finance,” said Reeves, adding that the closer alignment is essential because the technology reshapes the markets. Bessent echoes this feeling during a round table of Downing Street, calling the initiative as a commitment to ensure innovation in the financial markets “does not stop at borders”.
Crypto at the forefront
While the presentation of the working group extends over the traditional capital markets, digital assets should occupy the front of the stage.
Officials will examine both short -term measures, such as facilitation of cross -border use cases while legislation remains in flow and long -term strategies to advance digital market infrastructure.
“With the creation of a joint working group of the United Kingdom on capital markets and digital assets, we can expect significant developments on both sides of the Atlantic,” said Mark Aruliah, head of EMEA policy and regulatory affairs at Elliptic, in an email.
While noting that the United States “gave the pace with a pro-innovation program”, Aruliah suggested that the working group “signals a strong intention to fill this gap and position the United Kingdom in a more competitive way”.
More broadly, the company has described collaboration as a validation of the digital asset industry itself: “Structured collaboration of this type will strengthen a shared engagement towards higher transparency and responsibility standards, and can establish a global reference if other jurisdictions follow the plunge.”
